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In the midst of the ongoing market fluctuations, notable movements were observed within the technology sector. Infosys (NS:) extended its joint venture with Temasek for an additional five years. The company also reported notable Q2 FY24 results and announced an interim dividend of Rs 18 per equity share.
According to InvestingPro, the company has a strong history of maintaining dividend payments, having done so for 24 consecutive years. This is a testament to the company’s stable cash flows, which can sufficiently cover interest payments, as per InvestingPro Tips.
Moreover, Infosys saw a decrease in attrition to 14.6% in Q2 FY24.
In other technology sector news, HCLTech declared an interim dividend of Rs 12 per equity share and recorded new bookings worth $4 billion in Q2, marking a record for the company. The firm also reported a decrease in attrition.
Meanwhile, Tech Mahindra is planning a divestment in South Africa by selling off a 33% stake in its unit there.
Outside of the technology sector, airline stocks have become noteworthy due to an increase in air passenger traffic by 18.3% in September. In addition, Maruti Suzuki is considering issuing preferential equity to Suzuki Motor Corp for the acquisition of Suzuki Motor Gujarat.
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